Pupils get a tenner to start saving for the future

Children in schools across Leeds are being encouraged to start saving early with a £10 bonus offered for pupils in schools which set up a school savings club with Leeds City Credit Union.

Pupils whose school starts a savings club with the credit union will be given £10 each when they enter Key Stage two (year three). The payment, from Leeds City Council, would be a one off and is to encourage them to become familiar with saving and managing money from an early age.

Pupils from Hillcrest Academy are helping to launch the new website for Leeds City Credit Union Sc savings club at an event next week, which will be attended by local VIPs.

Media opportunity

When: Tuesday 22 March at 12.30pm

Where: Hillcrest Academy Cowper Street, Harehills, LS7 4DR

Members of the media are being invited to attend the savings club launch event. Representatives of Leeds City Credit Union and Leeds City Council will be available for photographs and interviews. Pupils from Hillcrest Academy will also be available for photographs.

Leeds City Council has pledged to help young children start learning how to save as part of a drive to tackle poverty in the city. The £10 would be invested in a credit union savings account which would be managed by the pupil’s school as part of a School Savings Club.

The launch event will also encourage more schools to start a savings club with the credit union so their pupils can take advantage of the £10 on offer and learn how to manage their money in the future.

Councillor Debra Coupar, executive member for communities said:

“We have been working in partnership with the Leeds City Credit Union for a number of years now to promote sensible lending options and money management to help people get out of poverty.

“So we are very excited to be able to offer this start-up money to help children across the city to learn how to save and manage their money in the future. We also hope many parents will see this as an opportunity to find out about what the credit union can offer them as a sensible and easy option to manage their own money.”

Councillor Jane Dowson, deputy executive member for children and families said:

“Tackling child poverty is one of our biggest challenges, so this partnership with the credit union is a great way to help children understand about money and saving from a very early age.

“We want to encourage as many schools as possible to take up this opportunity and set up a savings club so their pupils can benefit, not only from the £10 but also a lifetime of sensible money management.”

Chris Smyth, Chief Executive of Leeds City Credit Union said:

“The credit union has run school savings clubs across Leeds for many years as they are a really important way of helping our young members learn about the importance of savings. Therefore, we are absolutely delighted with today’s announcement by Leeds City Council that it will contribute £10 to each of the children in year three saving via one of our clubs.

“In addition, the council’s announcement also marks the launch of the credit union’s new web-based school savings portal that will make it so much easier for schools to start and run a savings club.”

The council has initially allocated £80,000 for the project from a special ‘social inclusion’ fund which was set up as part of the licensing requirements of a large casino which is being developed in Leeds city centre.